Palatin Technologies, Inc. (NYSE MKT: PTN), a biopharmaceutical company developing targeted, receptor-specific peptide therapeutics for the treatment of diseases with significant unmet medical need and commercial potential, announced that today it closed on a previously disclosed underwritten offering of units with gross proceeds of $9,225,000. Canaccord Genuity Inc. acted as the sole bookrunner and Roth Capital Partners, LLC acted as lead manager for the offering.
"This financing provides us with approximately $8.5 million in net proceeds, which allows us to complete our Phase 3 trials with bremelanotide for treatment of female hypoactive sexual desire disorder," said Stephen T. Wills, Executive Vice President and Chief Financial Officer of Palatin Technologies. "We are grateful that so many investors share our conviction that an as-needed treatment is crucial for the millions of women suffering from hypoactive sexual desire disorder."
The Company issued 11,481,481 shares of common stock and ten year prefunded Series I warrants to purchase 2,218,045 shares of common stock at an exercise price of $0.01, together with Series H warrants to purchase 10,274,646 shares of common stock at an exercise price of $0.70 per share. The Series H warrants are exercisable six months following the date of issuance, and expire on the fifth anniversary of the date of issuance.
About Bremelanotide for Hypoactive Sexual Desire Disorder
Palatin is developing bremelanotide, a centrally-mediated medication, as a subcutaneous, on-demand treatment for premenopausal women diagnosed with hypoactive sexual desire disorder (HSDD). Bremelanotide, which is a melanocortin 4 receptor agonist drug candidate, is a synthetic peptide analog of the naturally occurring hormone alpha-MSH (melanocyte-stimulating hormone).
Bremelanotide is dosed as an as-needed (not chronic) medical treatment. This treatment is unlike flibanserin (ADDYI®) and some other female sexual dysfunction treatments in development that require daily administration and life style modifications.
About Female Sexual Dysfunction and HSDD
Female sexual dysfunction (FSD) covers multi-factorial conditions that have anatomical, physiological, medical, psychological and social components. We plan to seek approval of bremelanotide for HSDD, which is the largest category of FSD.
HSDD is a medical condition marked by low desire for sexual activity and a lack of sexual thoughts or fantasies, which causes a woman personal distress or puts a strain on the relationship with her partner, and cannot be accounted for by another medical, physical or psychiatric condition, or as a result of other medication. It is estimated that as many as one in 10 premenopausal women may have the signs of HSDD at some point in their life, and as such a treatment for HSDD represents a major opportunity to address a significant medical need.
About Palatin Technologies
Palatin Technologies, Inc. is a biopharmaceutical company developing targeted, receptor-specific peptide therapeutics for the treatment of diseases with significant unmet medical need and commercial potential. Palatin's strategy is to develop products and then form marketing collaborations with industry leaders in order to maximize their commercial potential. For additional information regarding Palatin, please visit Palatin's website at http://www.palatin.com.
